The average liabilities held by South Korea’s heavy debtors edged up on-year in 2013, data showed Sunday, casting further clouds over the country’s economy amid mounting household debts.

South Koreans who have borrowed money from more than three financial firms saw their average debt reach 96.2 million ($89,000) at end-2013, gradually expanding every year since the 88.3 million won posted in 2010, data compiled by the Bank of Korea showed.

Despite the number of such heavy debtors falling 30,000 to 3.25 million in 2013 on-year, their combined debt rose to 312.8 trillion won, compared to the 306.8 trillion won tallied in 2012.

The BOK added that nonbanking financial firms, such as loan sharks, accounted for more than half of such debts for the first time.

“The drop in local banks’ household loans sparked a balloon effect and caused debtors to turn to non-banking financial institutions,” said Lee Jun-hyup, a researcher at the Hyundai Research Institute. (Yonhap)